Major changes for the 2008 tax year

We list the major changes below. For more details on these and other changes, see the areas outlined in the tax guide.

Registered disability savings plan (RDSP) (lines 125 and 232) - Income from an RDSP is reported on line 125 and repayments on line 232.

Taxable capital gains (line 127) - Taxpayers may be entitled to an inclusion rate of zero on a capital gain realized from the exchange of certain types of capital property that are donated to a registered charity or other qualified donee. Special tax treatment may also apply in cases where the exchanged property is a partnership interest (other than a prescribed interest in a partnership).

Northern residents deductions (line 255) - The residency deduction has increased to $8.25 per day if the taxpayer is entitled to only the basic residency amount, or $16.50 per day if entitled to both the basic and the additional residency amounts.

Medical expenses (lines 330 and 331) - Certain additional medical expenses for the taxpayer, his or her spouse or common-law partner, and their dependent children born in 1991 or later or other dependants.

Investment tax credit (line 412) -The investment tax credit on qualifying expenses can be claimed if they were renounced under flow-through share agreements entered into before April 1, 2009. The expenditure limit formula for scientific research and experimental development expenditures has changed. See Form T2038(IND), Investment Tax Credit (Individuals), for details.

Working Income Tax Benefit advance payments (line 415).

Date modified:

2010-01-12